According to a new national public opinion poll, an overwhelming majority of consumers borrowing from regulated storefront payday lenders report they are satisfied or very satisfied with their payday loan experience (91 percent), carefully weighed the risks and benefits before taking out a loan (93 percent), and value having the option to take such a payday loan (95 percent).

In addition, borrowers nearly unanimously agree that the government should not regulate whether or not they can take out a payday loan (95 percent).

The survey – the first in-depth examination of borrowers’ motivations and rationale – was conducted by Harris Interactive, the international research and polling company, for the Community Financial Services Association of America (CFSA), and included 1,004 respondents who borrowed from CFSA-member storefront lenders in the last year.

A full report of the survey findings, as well as an infographic and press release, can be found at harrispaydayloanpoll.com.

A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended for long-term financial solutions.